BLBG: Canada Dollar Trades Near 14-Month High, Nears Parity With U.S.
Oct. 13 (Bloomberg) -- Canada’s dollar traded near the highest level in more than 14 months, approaching parity with its U.S. counterpart for the first time since July 2008.
The Canadian dollar, nicknamed the loonie for the aquatic bird on the C$1 coin, gained 2.5 percent against the greenback in the past five days for the best performance among the 16 most-traded currencies tracked by Bloomberg. The loonie last traded at C$1 per U.S. dollar on July 22, 2008.
The Canadian currency traded at C$1.0342 per U.S. dollar at 10:23 a.m. in Toronto, from C$1.0348 yesterday. It earlier touched C$1.0267, the strongest level since Aug. 4, 2008. One Canadian dollar buys 96.70 U.S. cents.
The loonie pared earlier gains after stocks fell and crude oil, the nation’s biggest export, fluctuated. The Standard & Poor’s 500 Index declined 0.8 percent.
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
